Adani Group interested in Sahara properties, but there's a catch
What's the story
The Adani Group has shown interest in the properties that the Sahara Group is looking to sell. However, this interest is conditional on the assets being free of any legal disputes. Jugeshinder Singh, CFO of Adani Group, said they will only consider the assets if they have clean titles and no ongoing litigation.
Legal proceedings
Sahara Group's petition and Adani Properties' court approval
In September, the Sahara Group had filed a petition in the Supreme Court seeking permission to sell 88 properties to an Adani Group entity, Adani Properties. The assets include Hotel Sahara Star near Mumbai's domestic airport and a sprawling 8,800-acre township Aamby Valley. In October, Adani Properties also sought court approval for the acquisition of these properties.
Court response
Supreme Court defers hearing on Sahara Group's petition
Earlier this month, the Supreme Court deferred the hearing on the matter after an amicus curiae note was submitted. The note raised objections to the sale from affected parties. The court has also sought a response from the Indian government on this issue.
Strategic acquisition
Adani Group's strategic interest in Sahara properties
Speaking to the media, Singh said that while the Adani Group is interested in these properties, they don't want to get embroiled in legal battles. Some of these assets are strategically located near their ports and would make sense for acquisition. He also said they would have to find a non-legal way out of this situation.
Financial struggles
Sahara Group's financial status
The Sahara Group is currently facing financial difficulties with dues of over ₹24,000 crore. So far, it has only been able to deposit ₹16,000 crore of the amount owed to investors. To raise more funds and settle these dues, the group is looking at selling off some of its properties.